C05-Powerpoint Slides(股票估值及风险).pptVIP

7;Chapter Objectives;Stock Valuation Methods;Stock Valuation Methods;Problem;Stock Valuation Methods;Stock Valuation Methods;Illustration ;The valuation of most stock is not this simple because their dividends are not remain constant forever. If the dividend is expected to grow at a constant rate, however, the stock can be valued by applying the constant-growth dividend discount model;If a stock is expected to provide a dividend of ＄7 per share next year, the dividend is expected to increase by 4 percent per year, and the required rate of return is 14 percent, the stock can be valued as:;Suppose that you are interested in buying the stock of a company that has a policy of paying a ＄6 per share dividend ever year. Assuming no changes in the firm’s policies, what is the value of a share of stock if the required rate of return is 11 percent?;Suppose you know that a company just paid a dividend of ＄1.75 per share on its stock and that the dividend will continue to grow at a rate of 8 percent per year. If the required return on this stock is 10 percent, what is the current share price?;Problem;Stock Valuation Methods;Stock Valuation Methods;Stock Valuation Methods;Illustration ;If investors expected that earnings per share will grow by 2 percent per year and expect to sell the firms stock in three years, the earnings per share in three years are forecasted to be;Illustration;Illustration;Determining the Required Rate of Return to Value Stocks;Determining the Required Rate of Return to Value Stocks;Determining the Required Rate of Return to Value Stocks;Consider a firm that has a ? of 1.2. Also, assume that the prevailing risk-free rate is 6 percent and that the market risk premium is 7 percent. Using this information, the required rate of return on the firm is ;Problem;You are considering investing in a stock that has an expected return of 13 percent. If the risk-free rate is 5 percent and the market risk premium is 7 percent, what must the ? of this stock be?;Determ